What you need to know on Thursday, December 30:
The dollar seesawed between gains and losses, up during the European session, later down through US trading hours. As traders prepare to close their yearly books, major pairs saw some action for the first time this week.
The EUR/USD pair fell to 1.1279 and then bounced to 1.1368, staying between the monthly extremes. The Pound rallied, with GBP/USD touching 1.3499 before giving up some ground.
Commodity-linked currencies are also up against the dollar, with AUD/USD trading at around 0.7250 and USD/CAD hovering around 1.2800. The USD/JPY pair is currently pressuring the 115.00 level.
Spot gold plummeted to $1,789.38 a troy ounce but managed to recover later in the day, to settle around $1,804.
Crude oil prices surged to fresh monthly highs following encouraging stockpiles-related news. The API report posted a draw of 3.09 million barrels, while the EIA informed that US crude inventories fell by around 3.6 million in the week ended December 24.
European and Asian indexes closed in the red, but Wall Street managed to post some tepid gains. Government bond yields rallied, with that on the 10-year Treasury note hitting 1.55%.
The number of coronavirus contagions in Europe and the US keeps reaching record highs on the daily basis, posing a risk to economic progress.
XRP begins short squeeze as bear trap to return Ripple to $1
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD keeps range around 1.0650, focus on German IFO survey
EUR/USD is keeping its range at around 1.0650, struggling for a clear direction in the Asian trading on Monday. Markets stay risk-averse, weighing the Fed's 'higher-for-longer' rate view and lingering China's property market woes. Germany's IFO survey eyed.
GBP/USD remains on the defensive below the 1.2250 mark amid the oversold condition
The GBP/USD pair remains on the defensive below the mid-1.2200s. Market players await the release of the UK’s Gross Domestic Product (GDP) for the second quarter and the US highly-anticipated Core Personal Consumption Expenditure (PCE) Price Index data due on Friday.
Gold remains stuck below key averages, what’s next?
Gold price is easing toward $1,920, making it for a negative start to a key week ahead. The United States Dollar (USD) and the US Treasury bond yields have entered a phase of consolidation near last week’s high, as investors look to this week’s inflation data from the US and Europe for a fresh directional impetus.
Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2
Ethereum price is likely going to witness a massive spike in volatility soon due to the circumstances surrounding the approval of the token’s futures Exchange-Traded Fund (ETF). According to Twitter users, the ETF is likely going to be approved on October 2.
Is inflation falling further?
A first flash estimate of Eurozone inflation in September is expected. In August, inflation fell slightly to 5.2%. While the downward pressure from energy prices has eased slightly, the momentum of food prices has continued to decline.